On July 1, 2018, Hale Kennels sells equipment for $226000. The equipment originally cost $594000, had an estimated 5-year life and an expected salvage value of $100000. The accumulated depreciation account had a balance of $352000 on January 1, 2018, using the straight-line method. The gain or loss on disposal is

On July 1, 2018, Hale Kennels sells equipment for $226000. The equipment originally cost $594000, had an estimated 5-year life and an expected salvage value of $100000. The accumulated depreciation account had a balance of $352000 on January 1, 2018, using the straight-line method. The gain or loss on disposal is $16000 loss. $33400 loss. $33400 gain. O $16000 gain